For those who have less than £6,000 in savings their Universal Credit claim will not be affected.
However, if a claimant has between £6,000 and £16,000 in savings, their payments will be reduced.
If this is the case, the first £6,000 is ignored and the remainder of the savings is treated as if it gives the claimant a monthly income of £4.35 for each £250, or part of £250.
So, for example, if a claimant has £7,000 in savings the first £6,000 of it is ignored.
Published at Wed, 07 Oct 2020 07:17:04 +0000